Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year.
Oil prices have been on an uptrend since the Organisation of Petroleum Exporting Countries decided to cut output for the first time in eight years.
Brent, against which half of the world’s oil is priced, had risen to around $48 per barrel on Wednesday after OPEC agreed to reduce production, compared to $45 earlier that day.
It stood at $50.19 per barrel as of 4.53pm Nigerian time on Sunday, up from around $49.66 per barrel on Thursday.
